RSM Australia

Tax insights

Western Australian State Budget Announcement

8 September 2017
A budget for Western Australians to be owned by Western Australians. This was the line the State Treasurer used as he released his first State Budget in office.  

ATO focus extended to superannuation guarantee non-compliance

30 August 2017
The Australian Government has announced increased funding for the ATO in order to focus on employer underpayments of compulsory superannuation contributions.  

Corporate Tax Rate reductions and the impact on shareholders

14 August 2017
In the 2016–17 Budget, the Government announced its intention to reduce the corporate tax rate from 30% to 25% by the 2026-27 income year.  These changes were outlined in the Treasury Laws Amendment (Enterprise Tax Plan) Bill and after minor amendments by the Senate, received Royal Assent on 19 May 2017.

Government Crackdown on Rental Property Deductions

21 July 2017
The Government announced in the 2017 Federal Budget that it would be making changes to the legislation regarding Rental Property Deductions under the guise of “reducing pressure on housing affordability”.

Foreign Resident Capital Gains Withholding Tax – Broader application than anticipated

19 July 2017
The Federal Government recently announced changes to the Foreign Resident Capital Gains Withholding (“FRCGW”) rate and threshold.  The changes will apply to all contracts entered into from 1 July 2017 and include:

OECD releases revised Transfer Pricing Guidelines

17 July 2017
On 10 July 2017, the OECD released its revised OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations  in order to formally incorporate the most significant body of work ever undertaken by the OECD and its member (and indeed some non-member) countries regarding harmful international tax practices – the Base

What are the GST implications of Retentions and Bank Guarantees?

21 June 2017
While there have been no recent changes in this area, it is worth re-visiting as we have had a couple of queries on regarding Retentions and Bank Guarantees.

Seven tax planning tips to help your small business with a 2017 tax plan

7 June 2017
With the end of yet another financial year fast approaching, now is the final chance for small businesses to get their 2017 tax planning in order.

New 12.5 percent withholding tax on property transactions

7 June 2017
To ensure Australia captures as much tax as possible from property transactions a new withholding tax has been introduced and will apply to contracts entered into on or after 1 July 2017. Under the new provisions where a foreign resident disposes of:

Signing the Multilateral Instrument

6 June 2017
What happens if you threw a party and the guest of honour did not turn up? The international aspects of the G20/OECD’s Base Erosion and Profit Shifting (BEPS) project will become a reality at a treaty signing ceremony to be held in Paris, on 7 June 2017. 

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